Immovable property worth $700 million frozen at Armenia’s banks

20.12.2016 12:25
Immovable property worth $700 million frozen at Armenia’s banks

YEREVAN, December 20. /ARKA/. Immovable property worth $700 million is frozen at Armenia’s banks, Gagik Makaryan, head of the Union of Employers of Armenia, told journalists on Monday.

In his words, the country’s banking sector now faces difficulties. The frozen real estate is mostly small and mid-scale businesses’ mortgaged immovable property.

Makaryan thinks this also creates stagnation in real estate sector.

In his opinion, the number of bankruptcies will be higher in 2016 than in 2015. The figure already exceeds AMD 10,000.

According to the Central Bank of Armenia, the share of nonperforming loans in Armenia’s banks was 9.3%. --0----


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